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| Action Insight Weekly Report | Markets Snapshot |
Swiss Franc Jumped on Middle East Worry, Dollar Reversed With More Downside AheadSwiss franc was broadly higher last week on safe haven flow, which was triggered by reports that Iranian warships would transit the Suez Canal en route to Syria. Dollar lagged behind on concern that US would be dragged into the picture if tension between Israel and Iran escalates. Indeed, the greenback weakened against other major currencies on various reasons in spite of solid US economic data. Technically, dollar index failed 78.78 key resistance last week and subsequent sharp fall suggests that the recovery stated earlier this month is likely over. Outlook in dollar is turned bearish and we'd expect more decline ahead. |    |
| Featured Technical Report | |
USD/CHF Weekly OutlookUSD/CHF's fall from 0.9774 accelerated to as low as 0.9436 last week. The development suggests that recent price actions from 0.9300 are merely consolidations in the larger down trend and has possibly finished with three waves to 0.9774 already. Initial bias remains on the downside this week for 0.9300 low first. Break will confirm down trend resumption. On the upside, above 0.9538 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 0.9774 resistance and bring another fall. |
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